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» Takeover update
Stewart Donald, never fails to amaze me. Empty2019-06-20, 9:48 am by cyprussyd


Stewart Donald, never fails to amaze me.

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Stewart Donald, never fails to amaze me. Empty Stewart Donald, never fails to amaze me.

Post  cyprussyd on 2019-05-23, 9:02 am

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Post  Sid MCFC on 2019-05-23, 11:51 am

A mate has texted me this morning telling me to look at an article in the MailOnline about the Sunderland takeover.  I’ve read it and I find it a little disturbing, I’m not into ‘high financial dealings’ and would like to think it’s the usual mischief making by bleeding journalists.  

Sorry I’m not tech savvy enough to post the article but if anybody else can it’s probably best being aware of it.  

It’s probably rehashed shit by shit journalists but it has worried me as it reminds me of two takeovers at City.
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Post  cyprussyd on 2019-05-23, 12:30 pm

Sid MCFC wrote:A mate has texted me this morning telling me to look at an article in the MailOnline about the Sunderland takeover.  I’ve read it and I find it a little disturbing, I’m not into ‘high financial dealings’ and would like to think it’s the usual mischief making by bleeding journalists.  

Sorry I’m not tech savvy enough to post the article but if anybody else can it’s probably best being aware of it.  

It’s probably rehashed shit by shit journalists but it has worried me as it reminds me of two takeovers at City.

Stewart Donald responds to £50m sale talk and questions over how last summer's takeover was funded


The Daily Mail last night highlighted how the use of parachute payments from the Premier League relegation had been used to fund the purchase of the club last summer.
Donald struck a £40m deal with Ellis Short, but the Mail revealed the use of the parachute payments effectively reduced the figure Donald and Charlie Methven had to pay.
Donald wrote: "Madrox agreed a deal worth £40m with Ellis Short. This was £15m plus last summer’s parachute payment of £25m – which came in just after we took over and was ring-fenced to pay off the last bit of bank debt.
“So together Ellis and I ensured that the club would be debt free. Ellis by writing off his own debt of £80m and then, with the assistance of that last parachute payment, paying off the £70m of bank debt the club had accrued.
“And me by refusing to ‘port’ Ellis’ debt onto our books, as usually happens when clubs are taken over. We then took over Sunderland’s extensive football debts and legal liabilities, amounting to around £30m at the time of the takeover, and have gradually worked our way through them, negotiating hard all the way.
“Instead of having last summer’s parachute payment to settle these debts, Juan Sartori and I have had to inject our own money and continue to do so even now, effectively writing down the £25m parachute payment that was advanced to Ellis.
"In the meantime, of course, there has also been investment on the playing side of the club, which has seen a record League One playing wages bill and a record League One transfer budget."




Donald denies he's here to make a 'quick-profit'


“I have been clear from the outset that we bought the club at a rock bottom price because of the dreadful financial state it was in. If I simply wished to make money out of Sunderland, we could have skimped on investment in the playing staff.
“And, we could have accepted Ellis' offer to port a large portion of his previous debt onto our company, kept the details of the purchase more confidential and sold the club in its entirety - for which I have had plenty of big offers.
"Instead, I have been as open and transparent as possible with the fans and I am clear that I wish to retain a significant investment in the club for the long-term. The notion that I am going to leave Sunderland in the short-term, having made a quick profit, is simply wrong."


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Post  Gordon Armstrong on 2019-05-23, 12:57 pm

Sid MCFC wrote:A mate has texted me this morning telling me to look at an article in the MailOnline about the Sunderland takeover.  I’ve read it and I find it a little disturbing, I’m not into ‘high financial dealings’ and would like to think it’s the usual mischief making by bleeding journalists.  

Sorry I’m not tech savvy enough to post the article but if anybody else can it’s probably best being aware of it.  

It’s probably rehashed shit by shit journalists but it has worried me as it reminds me of two takeovers at City.
It's a skunk writer for the Daily Mail trying to stir up trouble just before our most important game of the season, Sidney . . . . he's a well known arsehole, trying to derail our preparations for sunday [You must be registered and logged in to see this image.]
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Post  Sid MCFC on 2019-05-23, 1:25 pm

cyprussyd wrote:
Sid MCFC wrote:A mate has texted me this morning telling me to look at an article in the MailOnline about the Sunderland takeover.  I’ve read it and I find it a little disturbing, I’m not into ‘high financial dealings’ and would like to think it’s the usual mischief making by bleeding journalists.  

Sorry I’m not tech savvy enough to post the article but if anybody else can it’s probably best being aware of it.  

It’s probably rehashed shit by shit journalists but it has worried me as it reminds me of two takeovers at City.

Stewart Donald responds to £50m sale talk and questions over how last summer's takeover was funded




The Daily Mail last night highlighted how the use of parachute payments from the Premier League relegation had been used to fund the purchase of the club last summer.
Donald struck a £40m deal with Ellis Short, but the Mail revealed the use of the parachute payments effectively reduced the figure Donald and Charlie Methven had to pay.
Donald wrote: "Madrox agreed a deal worth £40m with Ellis Short. This was £15m plus last summer’s parachute payment of £25m – which came in just after we took over and was ring-fenced to pay off the last bit of bank debt.
“So together Ellis and I ensured that the club would be debt free. Ellis by writing off his own debt of £80m and then, with the assistance of that last parachute payment, paying off the £70m of bank debt the club had accrued.
“And me by refusing to ‘port’ Ellis’ debt onto our books, as usually happens when clubs are taken over. We then took over Sunderland’s extensive football debts and legal liabilities, amounting to around £30m at the time of the takeover, and have gradually worked our way through them, negotiating hard all the way.
“Instead of having last summer’s parachute payment to settle these debts, Juan Sartori and I have had to inject our own money and continue to do so even now, effectively writing down the £25m parachute payment that was advanced to Ellis.
"In the meantime, of course, there has also been investment on the playing side of the club, which has seen a record League One playing wages bill and a record League One transfer budget."






Donald denies he's here to make a 'quick-profit'




“I have been clear from the outset that we bought the club at a rock bottom price because of the dreadful financial state it was in. If I simply wished to make money out of Sunderland, we could have skimped on investment in the playing staff.
“And, we could have accepted Ellis' offer to port a large portion of his previous debt onto our company, kept the details of the purchase more confidential and sold the club in its entirety - for which I have had plenty of big offers.
"Instead, I have been as open and transparent as possible with the fans and I am clear that I wish to retain a significant investment in the club for the long-term. The notion that I am going to leave Sunderland in the short-term, having made a quick profit, is simply wrong."


Thanks Syd.  That’s a far better read than that shite this morning  like
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Post  Sid MCFC on 2019-05-23, 1:35 pm

Gordon Armstrong wrote:
Sid MCFC wrote:A mate has texted me this morning telling me to look at an article in the MailOnline about the Sunderland takeover.  I’ve read it and I find it a little disturbing, I’m not into ‘high financial dealings’ and would like to think it’s the usual mischief making by bleeding journalists.  

Sorry I’m not tech savvy enough to post the article but if anybody else can it’s probably best being aware of it.  

It’s probably rehashed shit by shit journalists but it has worried me as it reminds me of two takeovers at City.
It's a skunk writer for the Daily Mail trying to stir up trouble just before our most important game of the season, Sidney . . . . he's a well known arsehole, trying to derail our preparations for 

I don’t get the Mail so don’t know him, my mate just sent it me as he knows I like you.
As I said the way it was written reminded me of City’s two takeovers by Swales and Lee which to put it mildly didn’t work out very well.
as you indicated, the timings of these articles are shall we say suspicious 
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Post  Sid MCFC on 2019-05-23, 1:36 pm

Oops, don’t know what happened there. I told you I wasn’t tech savvy Embarassed
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Post  Kipper on 2019-05-23, 3:06 pm

Must try harder. An attack on the owners just isn't going to derail Sunday. Not a chance. Pathetic.
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